The arrested superyacht of the Russian tycoon will be sold at auction: the money will be given to an American bank

The Gibraltar court has decided to auction off the superyacht Axioma. It belongs to the founder of the Russian steel company TMK, Dmitry Pumpyansky. All the money will go to the American bank JP Morgan. Writes about it with the BBC.

Photo: IStock

After the Russian invasion of Ukraine, the West imposed sanctions against Russian billionaires and officials dependent on Russian President Vladimir Putin. Several associated superyachts have been arrested, but none have yet been put up for auction.

Axioma is a 72,5-meter superyacht, its market value is $75 million, but it will most likely be sold for less. Only one day is allotted for the auction - next Tuesday, and JP Morgan will satisfy the amount even three times less.

On the subject: The Americans confiscated the yacht of the Russian oligarch: they found a Faberge egg worth tens of millions of dollars on it

JP Morgan convinced the Gibraltar court to sell the boat to pay off Pumpyansky's $20 million debt to the bank.

Axioma was built in 2013. It was originally called Red Square. Pumpyansky leased the boat to everyone for 549 euros ($550) a week.

In March 2022, Pumpyansky was sanctioned by the EU, Britain and the United States for supporting the war in Ukraine. He immediately withdrew from the beneficiaries and left the board of directors of the Pipe Metallurgical Company (TMK). Many Russian billionaires did the same.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

Activists are calling on the authorities of the countries that have arrested the yachts to sell them and give the money to support millions of Ukrainian refugees who fled Russian bombing and occupation. In addition, the maintenance of each arrested yacht costs hundreds of thousands of euros, and these bills are now paid not by their owners, but by taxpayers.

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